Back in May, I blogged about the madness in the SEC’s Inspector General’s Office. The David Kotz and David Weber show. A soap opera at the SEC like this comes along only once every few generations!

The latest is that former Assistant Inspector General Weber has filed a $20 million lawsuit alleging he was fired for being a whistleblower. And the complaint is full of juicy details (which may – or may not – be true). Here are some articles on this development:

As a U. of Michigan grad, I’m very excited about their hoops team this year – particularly our Canadian freshman Nik Stauskas. Here is a video of what he did for Thanksgiving. Unbelievable talent and dedication…

PCAOB Issues Report on the State of Internal Controls

A few days ago, the PCAOB released a report summarizing observations from its inspections of audits performed by the 8 largest public accounting firms of their clients’ internal control over financial reporting in 2010. As noted in this blog by the FEI, there is a concern over the increasing rate of deficiencies – up to 22% in ’11 from 15% in ’10.

In this podcast, Abram Ellis of Simpson Thacher & Bartlett explains the latest developments relating to Iran sanctions and disclosure, including

– How do the recent changes to the U.S.’s economic sanctions related to Iran implicates disclosures?
– What does it mean when you say an issuer must report the activities of affiliates? What’s included in that?
– What types of activities need to be disclosed?
– How detailed do the disclosures need to be?
– Anything else we should know about the disclosure requirements?